rd 2008. Q: What happens after I apply?
A: After you apply, there is nothing else you have to do. Upon receipt of your application, we will send it to the Property Appraiser of your previous homestead. Then, your previous Property Appraiser will issue a "Certificate of Portability" DR-501R which will be mailed back to us (your new Property Appraiser) for us to calculate your portability amount and apply the benefit to your new parcel value. NOTE: Because this is a newly created procedure and because of the ‘cross-transfer' of documents, you should allow a minimum of 6 - 8 weeks for full processing. Look for the adjusted value on your Notice of Proposed Property Taxes (TRIM) in mid-August. If we have any questions or if we discover you are not eligible for the portability transfer, we will contact you.
Q: Can I also apply for additional exemptions such as widows/widowers, disability or senior exemption if I have portability? A: Yes, "Portability" is just adjusting the assessed value of the newly homesteaded property; you may still qualify for additional exemptions.
Q: What is the maximum amount I can transfer "port" to my new property?
A: The maximum amount you can transfer "port" is $500,000.
Q: What will my $$$ SAVINGS be?
A: We have designed an easy to use calculator that shows the calculations and savings you could potentially bring to your new homestead property. Try our Portability Calculator at http://paraster.ocpafl.org/TaxReform/Search.aspx
Q: When does "Portability" go into effect?
A: 2008 is the first year anyone will be able to apply for portability. It is retroactive to January 1, 2007. Meaning, if you abandoned a homestead in 2007 and moved into your new homestead on or before January 1, 2008, you may qualify for Portability.
Q: If I sold my property in 2006 can I qualify for portability?
A: No, the law only allows portability for property that had a homestead exemption in 2007 forward.
Q: After I've sold or abandoned my prior homestead, how long do I have to use my portability? A: The law allows up to 2 years to transfer the portability benefit - starting in 2007.
Q: Do I have to sell my home before I can qualify for portability?
A: No, you only need to abandon your existing homestead, meaning you may still own the property but no longer receive an exemption on the property for the year you are attempting to get portability. Should you abandon your homestead, or move, please notify this office.
Q: Do I have to purchase a new property to get the portability benefit?
A: No, if you already own another property (2nd home, beach house, etc.) and establish your homestead there for 2008, you can remove the homestead from the old property and apply for the portability benefit.
Q: I owned a property with another person. I moved and established another homestead; however, they still live in the original property, can I transfer "port" my benefit to my new homestead?
A: No, the law requires the previous exemption be "abandoned" before you can port any of the Save Our Homes benefit. Meaning, another person can't still be receiving the old homestead.
Q: Can I "port" a savings from another state?
A: No, portability applies only if you had a State of Florida homestead exemption in 2007.
Q: How many times in one (1) year can I use portability?
A: One time. Since a homestead exemption is required in order to transfer a portable benefit, you must reside in the new home on or before 1/1/2008 (or January 1 of a future year). If you sold your home in 2008 and established a new homestead on or before 1/1/2009, you could technically "port" your savings again for the 2009 homestead
Q: What is the formula for the Portability?
A: The formulas are easily explained in our Portability PowerPoint presentation at http://www.ocpafl.org/downloads.html
They are as follows:
If you are upsizing (moving to a home of equal or greater value) it is:
Certified Market Value of existing homesteaded property
(Minus) Certified Assessed Value of existing homesteaded property
(Equals) The portable amount (not to exceed $500,000)
Certified Market Value of new homestead property
(Minus) Portable amount from prior homesteaded property
(Equals) New assessed value for new homesteaded property
If you are downsizing (moving to home of lesser value) it is:
Certified Market Value of existing homesteaded property
(Minus) Certified Assessed Value of existing homesteaded property
(Equals) The portable difference (not to exceed $500,000)
(Divided by) The Market Value of existing homesteaded property
(Equals) The percentage eligible to "port" to new property
Certified Market Value of New homestead property
(Multiplied by)Portable percentage from prior homesteaded property
(Equals) The portable amount from portable percentage from prior property
Certified Market Value of New homestead property
(Minus) Portable amount from portable percentage from prior property
(Equals) The New assessed value for new homesteaded property
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